Rapid digital transformation and changing regulatory requirements are making cybersecurity increasingly important for the maritime industry. Companies that are agile and can leverage new technologies have an advantage, as shipping operations depend heavily on software systems and digital communications. This makes cybersecurity a critical risk area. Innovators are developing new solutions to secure the industry and prevent operational disruptions.
New research in 2023, conducted by global law firm Holman Fenwick Willan (HFW) and maritime cybersecurity firm CyberOwl, and executed by maritime tech research agency Thetius, found that the industry is an ‘easy target’ for cyber criminals. The researchers surveyed over 150 industry professionals, from C-suite leaders to seafarers, shoreside managers, and cybersecurity experts, identifying ‘significant gaps’ in cyber risk management across the supply chain. The cost of attacks and ransom demands have soared over the last year. Now, the average cyber attack in the maritime industry costs the target USD $550,000, compared with $182,000 in 2022. Demands for ransom have also increased by over 350% – while the average ransom payment was $3.1 million in 2022, it’s $3.2 million in 2023. Despite the severe risks, shipping organizations are not investing heavily enough in cybersecurity systems. One third of those surveyed spend under $100,000 annually, and 25% of respondents said their organization doesn’t have insurance that covers cyber risk. Nick Chubb, Managing Director at Thetius, said in a statement, “Our research shows that the industry has improved dramatically in a short space of time. But it also shows that cybercriminals are evolving faster. The costs of cyber-attacks are growing. The impact that can be created in the global supply chain by exploiting a single easy target means the entire maritime industry needs to raise the bar.”
In December 2023, Digital Ship reported that Korean marine mobile cybersecurity firm CYTUR. successfully completed its Smart Ship Cybersecurity Demonstration project this year, with funding from the Korean Ministry of Science and ICT, and the Korea Internet and Security Agency (KISA). Participants in the project included ship suppliers, shipbuilders, and academic and industrial experts. Over the course of the project, the analysis scope of shipping cyber threats increased by 400%, while resources invested in secure ship design were reduced by 83%, highlighting the critical nature of this research and the importance of smart ship security solutions for the future. As noted by Digital Ship, “the project was significant in that it reduced the time and costs associated with ship construction and improved security through the application of cybersecurity technology based on the life cycle of smart ships.” Based on the best practices developed through the research, CYTUR plans to release.
By the time the research was published, the attack surfaces on operational ships had grown by 1,034% compared to January 2022. New, effective, and comprehensive solutions for maritime cybersecurity are absolutely needed to protect the complex network of operations that underpins the industry.
Source: blackhatmea.com
